🔥 Trump Taj Mahal casino settles U.S. money laundering claims - Reuters

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Atlantic City, N.J.'s embattled Trump Taj Mahal casino has agreed to a settlement of federal findings that it violated anti-money-laundering.


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We don't know who was laundering money through the Trump Taj Mahal Casino back in the day, if it was Russians or others, but yes - in the Trump Taj.


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In addition to the civil money penalty, the casino is required to conduct periodic external audits to examine its anti-money laundering (AML) BSA.


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Feb 11 (Reuters) - The parent of Trump Taj Mahal, one of Atlantic City, New Jersey's struggling casinos, has settled U.S. government charges.


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Atlantic City, N.J.'s embattled Trump Taj Mahal casino has agreed to a settlement of federal findings that it violated anti-money-laundering.


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The casino's money laundering controls were so lacking, regulators found, it amounted to “willful” violations of the law.


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Shell companies put figures from Putin's Mafia into Trump Tower. of dollars in his Atlantic City casino developments, and helped make him rich again. The Trump Organization has dismissed money laundering charges as.


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Money Talks: President Trumps campaign manager charged over money laundering

The second challenge is hiding the origin of the illicit money. But is that a real possibility—and if it was money laundering, by whom and how? Similar concerns have been raised about Libyan purchases in Dubai, Chinese purchases in Vancouver, and Russian purchases in Miami, among other cities. Contributing Editor. This has been the case for overseas operations and activities as well. He is the author of the No. Once the money is in the global financial system and its origins properly obfuscated, the final challenge is making the money accessible—that is, integrating it into the legitimate economy. That fact pattern is well-known and long-standing. He can be reached at garrett. The implication, particularly in the more fever-swampy portions of Twitter, is that there was money laundering afoot—probably Russian in origin. The layers of shell companies , the contracts involving pseudonyms , the law firm cut-outs to make deals. The first challenge is simply getting the money somewhere into the global financial system, which is often easier said than done. The truth of the matter is that the global financial system is simply too large for officials to look at very closely. Not necessarily. The complexity of tracing money all the way through the financial system, from a legitimate asset back to a crime, or vice versa, makes these cases some of the most challenging investigators undertake. While not necessarily illegal—some of the tactics are, in fact, regular parts of complex businesses—the pattern of activity points to an attempt to evade one of the basic precepts of modern banking and anti-money-laundering efforts: Know your customer. There are, after all, only three ways to move money around the globe: Through bank transfers, through cash, or through physical trade. The designation, which effectively forces US financial institutions to sever ties with the entity, makes it all but impossible for an entity to participate in the global financial system. Today, Cassara says, money launderers have to be incredibly stupid or incredibly unlucky to be caught. At the high end of money laundering, this often means purchasing real estate. For money-laundering experts, this fact alone would be cause for suspicion. In any given structure, he may own a portion of a parent company that owns a controlling interest in a holding company that may own a portion or receive economic benefits of the real estate. This is what that amount of money actually looks like.{/INSERTKEYS}{/PARAGRAPH} It certainly looks that way! How exactly do money laundering schemes work? Garrett M. Try to find the suspect transaction in that sea. It basically come down to one central question: Do you know your customer? Layer on layer of corporate structure makes it hard for investigators, tax officials, or prying lawyers to figure out who owns what, the underlying source of money for specific transactions, whether taxes are being appropriately paid in a given jurisdiction, or who might be partners in what enterprises. Each year, the Treasury Department fields upward of 18 million pieces of financial intelligence, including more than 2 million suspicious activity reports from banks and financial institutions—far more than it can effectively process. What seems to be continually revealed is a pattern of atypical financial transactions, and too much of it seems structured specifically to hide and evade critical information or people involved. Featured Video. Given that scale, the hard work of thousands of investigators and tax officials the world over amounts to a drop in the proverbial bucket; authorities only seize or charge about 1 percent of suspected money laundering cases. Large-scale money laundering, like what corrupt regimes or oligarchs need, requires—like any good investment portfolio—a well-balanced portfolio. It is extremely rare for even a single purchase to end in three zeroes. Real estate is particularly attractive for money laundering because of the large numbers involved—a single large transaction to purchase a golf course, a luxury condo, or shopping center is an easy way to make a whole lot of money look legitimate at once without raising any eyebrows with banks or regulators. {PARAGRAPH}{INSERTKEYS}All in cash. Are all activities pointing to specific money laundering transactions? Part of the reason the cases are so tough is that there are plenty of other, nonillegal reasons wealthy people create opacity, including to minimize taxes, to limit personal or corporate legal liability, or to shield assets in divorce proceedings. The totality of the transactions should give you pause enough that we would want to be sure US institutions scaled back or ceased doing business with them.